2 Marks Questions

Q1. Define Strategy

In the context of strategic management, a strategy refers to a long-term plan of action that
outlines how a company will compete in its market, achieve its goals, and reach its desired
outcomes. A strategic management strategy considers factors such as the company's strengths
and weaknesses, its external opportunities and threats, and its internal resources and capabilities

Q2, Q3, Q4,

Same as Q1 of 10 Marks question.

Q5. Strategy formation implies for……

Strategy formation is the process of creating a strategic plan for an organization. It involves a
systematic and comprehensive analysis of the organization's internal and external environment,
setting goals and objectives, generating alternative strategies, evaluating and selecting the best
strategy, and finally implementing the chosen strategy. The process of strategy formation is
typically a continuous one, involving regular reviews and updates as the organization's
circumstances change.

Q6. Define critical success factors (CSF)

Critical Success Factors (CSFs) are the key elements that are essential for an organization to
achieve its goals and objectives. They represent the most important factors that need to be
prioritized in order to achieve success.To achieve their goals they need to be aware of each key
success factor (KSF) and the variations between the keys and the different roles key result area
(KRA)

Q7.Define Key Performance Indicator (KPI)

A Key Performance Indicator (KPI) is a metric used to measure the performance of an
organization or a specific aspect of its operations. KPIs are specific, quantifiable, and time-bound
measures that help organizations track and evaluate their progress towards achieving their goals
and objectives. KPIs are used to assess the effectiveness of strategies, processes, and initiatives
and to identify areas for improvement.

Q8. Elaborate Key Result Areas(KRA)

Key Result Areas (KRA) are specific areas or tasks that are critical to an organization's success
and must be given priority in order to achieve its goals and objectives. KRAs are used to define
the most important responsibilities of an individual, department, or the organization as a whole.
They are performance-oriented and are aligned with the organization's objectives and priorities.
KRAs are typically used in performance management and appraisal systems to measure an
individual or department's performance and assess their contributions to the organization's
success.
Q9. What is vision?
A vision is a statement that defines the future desired state or aspirations of an organization. It is
a long-term and aspirational view of what the organization hopes to achieve or become in the
future. A vision statement serves as a guide and source of inspiration for an organization and its
stakeholders, providing a clear direction and purpose for their actions and decisions.

Q10. Define mission

A mission is a statement that defines the purpose or reason for an organization's existence. It
outlines the organization's core values, goals, and responsibilities, and serves as a basis for
decision-making and action. A mission statement provides a clear understanding of the
organization's role, objectives, and values and helps to guide the organization's decisions and
actions.

Q.11 VRIO stands for

Value, Rarity, Inimitabilty and Organization.

Q12. SAP stands for

Strategic Advantages Profile
A Strategic Advantages Profile (SAP) is a tool used in strategic management to identify and
analyze a company's strengths, weaknesses, opportunities, and threats (SWOT). The purpose of
the SAP is to provide a comprehensive view of a company's internal and external environment,
and to help identify key areas for improvement and growth.
The SAP typically includes a description of the company's current market position, its products
and services, its target market, its competition, and its operating environment. It also includes an
analysis of the company's internal strengths and weaknesses, such as its financial performance,
management structure, and operational efficiency.
The information gathered through the SAP can be used to develop a strategic plan for the
company, including goals and objectives, strategies for growth and profitability, and plans for
implementing and monitoring progress. The SAP can also be used to identify areas for
improvement and to develop plans for mitigating risks and addressing challenges.
Overall, the Strategic Advantages Profile provides a comprehensive view of a company's current
situation and helps to guide its future direction, ensuring that its strategies are aligned with its
goals and objectives, and that it is able to compete effectively in its market.

Q13. Define Leverage

In strategic management, leverage refers to the use of various tools, resources, and strategies to
maximize a company's performance and achieve its goals. This can be achieved through the
effective use of resources such as finance, technology, human capital, and relationships with
stakeholders.
Leverage can be used to increase a company's competitiveness, profitability, and market share, as
well as to manage risk and uncertainty. For example, a company may use financial leverage to
increase its return on investment by using debt financing to purchase assets or expand operations.
A company may also use technology leverage to improve its processes and increase efficiency.
Leverage is a critical aspect of strategic management and can be used to create a competitive
advantage and achieve a company's long-term goals. However, leverage also carries risks, such
as increased financial dependence on borrowed funds or over-reliance on technology. It is
important for companies to carefully consider the risks and benefits of leveraging different
resources and to use leverage in a strategic and balanced manner.

Q14. Elaborate Strategic Fit.

Strategic fit refers to the alignment of a company's strategies, resources, and capabilities with its
external environment, including its market, competitors, customers, and broader economic
conditions. The concept of strategic fit emphasizes the importance of aligning a company's
internal and external factors to achieve its goals and objectives, and to achieve a competitive
advantage in its market.
Strategic fit is important because it helps ensure that a company's strategies are effective and
efficient in addressing the challenges and opportunities in its market. For example, a company
with a strong strategic fit will have the right products, services, and marketing strategies in place
to meet the needs of its customers and compete effectively against its rivals.
To achieve strategic fit, a company must carefully analyze its internal and external environment,
and make changes as needed to its strategies, resources, and capabilities. This may involve
investing in new technology, expanding into new markets, or making changes to its
organizational structure or management processes.
In conclusion, strategic fit is a critical aspect of successful strategic management, as it helps
ensure that a company is able to compete effectively in its market and achieve its goals and
objectives over the long-term.

Q15. Define Stretch

In strategic management, stretch refers to the goal of reaching beyond what a company is
currently capable of achieving, to reach new levels of performance and success. Stretch goals are
ambitious and challenging, and are designed to push a company to reach its full potential.
Stretch goals are an important part of the strategic management process, as they help to motivate
and inspire employees, foster innovation and creativity, and drive growth and success. Stretch
goals can be set for a variety of areas, including sales, customer satisfaction, market share,
product development, and operational efficiency.
To achieve stretch goals, a company must have the right strategies, resources, and capabilities in
place, as well as a culture that supports innovation and risk-taking. Stretch goals can also be
supported by metrics and performance tracking, to monitor progress and identify areas for
improvement.

Q16. Define Portfolio Analysis in Strategic Management

Portfolio analysis in strategic management is a method for evaluating and optimizing a
company's portfolio of products, services, and business units. The goal of portfolio analysis is to
ensure that a company's resources are being allocated in the most effective way to achieve its
goals and maximize its return on investment.
The process of portfolio analysis typically involves four steps:
● Identifying the company's current portfolio of products, services, and business units
● Assessing the performance and potential of each product, service, or business unit, based
on factors such as market demand, profitability, growth potential, and risk
● Evaluating the overall balance of the portfolio, and determining which products, services,
or business units are contributing positively or negatively to the company's performance
● Developing strategies for optimizing the portfolio, such as divesting underperforming
products, services, or business units, investing in high-potential areas, or allocating
resources more effectively.
Portfolio analysis is an important part of strategic management, as it helps companies ensure that
their resources are being used effectively and efficiently to achieve their goals and objectives. By
regularly conducting portfolio analysis, companies can stay ahead of market changes, capitalize
on growth opportunities, and improve their overall competitiveness and profitability.

Q17. BCG stands for

BCG stands for Boston Consulting Group in strategic management. The Boston Consulting
Group is a leading management consulting firm that provides strategic consulting services to
companies across a range of industries.
In strategic management, the BCG matrix is a popular tool used to analyze a company's portfolio
of products or business units. The BCG matrix uses market growth rate and relative market share
to categorize products or business units into four categories: stars, cash cows, dogs, and question
marks.
The BCG matrix helps companies prioritize their investments and resources by identifying which
products or business units are high growth and high market share (stars), low growth and high
market share (cash cows), low growth and low market share (dogs), and high growth and low
market share (question marks).
Overall, the BCG matrix is a useful tool in strategic management, as it helps companies
understand the strengths and weaknesses of their portfolio, and make informed decisions about
how to allocate their resources and investments.
Q18. Cost Leadership strategy implies for….
Cost leadership strategy in strategic management refers to a business strategy in which a
company seeks to achieve a competitive advantage by producing and selling products or services
at the lowest possible cost compared to its competitors. The goal of cost leadership strategy is to
increase market share and profitability by offering products or services that are affordable to a
large number of customers.
In order to achieve cost leadership, companies must focus on reducing costs through a variety of
means, such as improving efficiency, reducing waste, and streamlining processes. Companies
that successfully implement cost leadership strategies may also leverage their scale to negotiate
lower prices from suppliers and achieve economies of scale in production.
Cost leadership strategy is often used by companies operating in highly competitive industries,
where price sensitivity is high and price-conscious consumers are the norm. This strategy can be
effective in a variety of industries, including retail, manufacturing, and service industries.
In conclusion, cost leadership strategy is an important part of strategic management, as it allows
companies to compete effectively by offering lower prices to customers, without sacrificing
quality or service. By successfully implementing a cost leadership strategy, companies can
achieve a competitive advantage, increase market share, and improve their overall profitability.

Q19. Differentiation Strategy

Differentiation strategy in strategic management refers to a business strategy in which a company
seeks to achieve a competitive advantage by offering unique and superior products, services, or
experiences that are valued by customers. The goal of differentiation strategy is to create a
unique value proposition for customers, which sets the company apart from its competitors and
commands a premium price for its offerings.
In order to achieve differentiation, companies must invest in product design and development,
marketing and branding, and customer service to create a unique and compelling customer
experience. Companies that successfully implement differentiation strategies often have strong
product innovation, brand recognition, and customer loyalty.
Differentiation strategy is often used by companies operating in industries with low price
sensitivity, where customers are willing to pay a premium for unique and high-quality products
and services. This strategy can be effective in a variety of industries, including technology,
luxury goods, and professional services.
In conclusion, differentiation strategy is an important part of strategic management, as it allows
companies to create a competitive advantage by offering unique and superior products and
services that are valued by customers. By successfully implementing a differentiation strategy,
companies can command a premium price, increase customer loyalty, and improve their overall
profitability.
Q20. Focus strategy implies for…..
Focus strategy refers to a business approach in which a company concentrates its resources and
efforts on a specific, narrow market segment or product line. The objective is to achieve a
competitive advantage by providing specialized services or products to meet the needs of a
specific target market better than competitors. This strategy helps the company to stand out in the
market and cater to the unique needs of a particular customer segment, thereby increasing its
chances of success and profitability.

Q21. Elaborate Turnaround Strategy

A turnaround strategy is a plan for revitalizing a struggling or underperforming company. The
goal of a turnaround strategy is to restore financial stability, improve operations, and return the
company to a path of growth and profitability.
The following are the key steps involved in developing a successful turnaround strategy:
● Assessment: The first step is to thoroughly evaluate the company's financial position,
operations, and market conditions to identify the root causes of the company's problems.
● Cost Reduction: Once the causes of the company's problems have been identified, cost
reduction measures may need to be taken, such as reducing overhead, streamlining
operations, and eliminating non-essential activities.
● Reorganization: The company may need to restructure its operations, such as changing its
product mix, realigning its sales and marketing efforts, or streamlining its supply chain.
● Financing: The company may need to secure additional financing to support its
turnaround efforts, such as through debt or equity financing.
● Leadership: Effective leadership is critical to the success of a turnaround strategy. The
company may need to bring in new leadership or make changes to the existing
management team.
● Monitoring and Adjustment: The company must continually monitor its progress and
adjust the turnaround strategy as needed to ensure success.
Overall, a successful turnaround strategy requires a clear understanding of the company's
problems, a well-defined plan to address those problems, strong leadership, and a willingness to
make the difficult decisions necessary to restore the company to health.

Q22. Divestment implies for…..

Divestment in strategic management refers to the process of selling off or disposing of a business
unit, subsidiary, or asset that is no longer considered to be a strategic fit or valuable to the
company's overall goals and objectives. The objective of divestment is to redeploy resources and
focus on core business operations that have the greatest potential for growth and success.
Divestment can take several forms, such as spinning off a business unit as a separate company,
selling it to another firm, or liquidating the assets. The decision to divest is typically made as part
of a larger strategic plan to improve the company's overall financial performance, focus on core
operations, or raise capital.
Divestment is often a difficult decision, as it may involve significant restructuring and workforce
reductions. However, it can also bring several benefits, such as reducing complexity, improving
financial performance, and allowing the company to focus on its core strengths.
Overall, divestment is a key strategic tool for companies looking to improve their overall
financial performance, streamline operations, and focus on their core business operations.

Q23. Forward Integration implies for…..

Forward integration in strategic management refers to a business strategy where a company
expands its operations by acquiring or merging with firms that are involved in the production or
distribution of complementary goods or services. The objective of forward integration is to gain
control over the distribution channels and increase the company's profitability by eliminating
intermediaries and capturing a larger share of the value created in the supply chain.
Forward integration can take several forms, such as acquiring suppliers, distributors, or retailers,
or entering into strategic partnerships with firms that complement the company's offerings. This
strategy can bring several benefits, such as increased control over the distribution chain, reduced
costs, and improved customer service.
However, forward integration also brings certain risks and challenges, such as the need for
significant investments, the difficulty of integrating operations and cultures, and the potential for
over-extension or overexpansion.
Overall, forward integration is a key strategic tool for companies looking to increase control over
their supply chain, improve profitability, and expand their operations into complementary
businesses.

Q24. Backward Integration implies for….

Backward integration in strategic management refers to a business strategy where a company
expands its operations by acquiring or merging with firms that are involved in the production of
raw materials or components used in the manufacture of its products. The objective of backward
integration is to increase control over the supply chain, reduce dependence on suppliers, and
increase the company's profitability by capturing a larger share of the value created in the supply
chain.
Backward integration can take several forms, such as acquiring suppliers of raw materials or
components, investing in the production of key inputs, or entering into long-term supply
agreements. This strategy can bring several benefits, such as increased control over the supply
chain, reduced costs, and improved quality and reliability of inputs.
However, backward integration also brings certain risks and challenges, such as the need for
significant investments, the difficulty of integrating operations and cultures, and the potential for
over-extension or overexpansion.
Overall, backward integration is a key strategic tool for companies looking to increase control
over their supply chain, improve profitability, and expand their operations into complementary
businesses.
Q25. Horizontal Integration implies for….
Horizontal integration in strategic management refers to a business strategy where a company
expands its operations by acquiring or merging with firms that are involved in the same line of
business or industry. The objective of horizontal integration is to increase market share, achieve
economies of scale, and gain access to new markets and customers.
Horizontal integration can take several forms, such as acquiring competitors, merging with firms
that operate in the same market or industry, or entering into strategic alliances with other firms.
This strategy can bring several benefits, such as increased market share, reduced costs through
economies of scale, and improved competitiveness.
However, horizontal integration also brings certain risks and challenges, such as the need for
significant investments, the difficulty of integrating operations and cultures, and the potential for
over-extension or overexpansion. In addition, horizontal integration can also result in increased
competition and regulatory scrutiny.
Overall, horizontal integration is a key strategic tool for companies looking to increase market
share, achieve economies of scale, and gain access to new markets and customers.

Q26. Joint Venture implies for…..

A joint venture in strategic management refers to a business arrangement where two or more
companies combine their resources and capabilities to achieve a common objective. The
objective of a joint venture can vary, but it is typically aimed at expanding into new markets,
accessing new technologies, or sharing risks and costs.
In a joint venture, each participating company contributes capital, resources, expertise, and other
assets to the venture, and they share in the profits and losses generated by the venture. Joint
ventures can take several forms, such as a partnership, limited liability company, or corporation.
Joint ventures bring several benefits, such as access to new markets and technologies, shared
risks and costs, and the ability to pool resources and expertise to achieve a common objective.
However, joint ventures also bring certain risks and challenges, such as the need to manage
cultural and operational differences, the difficulty of integrating operations, and the potential for
conflicts over control and ownership.
Overall, joint ventures are a key strategic tool for companies looking to expand into new
markets, access new technologies, and share risks and costs with other firms.

Q27. List out 7S of Mickinsey

The 7S framework, developed by McKinsey & Company, is a model used in organizational
design and management to align an organization's strategy, structure, and systems with its culture
and style. The 7S framework consists of the following elements:
● Structure: The formal and informal relationships, systems, and processes that define how
work is divided and coordinated within the organization.
● Strategy: The plan for how the organization will achieve its goals and objectives.
 ● Systems: The procedures, processes, and technologies used to support the day-to-day
operations of the organization.
● Shared values: The beliefs, attitudes, and principles that define the culture and shape the
behavior of the organization's employees.
● Staff: The people who work in the organization and carry out its operations.
● Skills: The abilities and competencies that the organization's employees possess and that
are critical to its success.
● Style: The leadership behavior and decision-making style of the organization's leaders
and how they influence the organization's culture and employees.
The 7S framework is a useful tool for organizations looking to assess their current state, align
their operations with their strategy and culture, and implement change effectively. By examining
each of the 7S elements and understanding how they interact and influence each other,
organizations can identify areas for improvement and take steps to create a more cohesive and
effective organization.

Q28. SBU stands for…..

SBU stands for Strategic Business Unit in Strategic Management.
a Strategic Business Unit (SBU) is a self-contained division or unit within a company that
operates as a separate profit center and is responsible for its own sales, revenue, and growth. It is
typically defined by a specific product or service, market segment, or geographic region, and is
managed as a separate entity with its own objectives, strategies, and performance metrics. In the
context of strategic management, SBUs are often evaluated and managed in order to align with
the overall goals and objectives of the organization.

Q29. Reengineering implies for…..

Reengineering implies a radical redesign of business processes in Strategic Management, aimed
at achieving significant improvements in cost, quality, speed, and customer satisfaction. The goal
of reengineering is to streamline operations and eliminate unnecessary or inefficient steps, in
order to create a more agile and competitive organization.

Q30. Six SIgma implies for….

Six Sigma is a quality management approach that aims to minimize defects and improve process
efficiency. It uses data and statistical analysis to identify and eliminate root causes of defects,
reduce variability, and improve the overall performance of an organization's processes. The
ultimate goal of Six Sigma is to produce a nearly flawless output, with a defect rate of only 3.4
per million opportunities. Six Sigma is widely used in manufacturing, service industries, and
healthcare to improve quality and customer satisfaction, reduce costs, and increase revenue.
Q31. Lean Six SIgma implies for….
Lean Sigma is a methodology that combines Lean Manufacturing and Six Sigma to improve
business processes. It aims to eliminate waste, improve flow, and reduce variability in order to
increase efficiency, quality, and customer satisfaction. Lean Sigma emphasizes the elimination of
non-value adding activities and the implementation of continuous improvement principles. The
approach uses data and statistical analysis, like Six Sigma, but also incorporates the principles of
Lean, such as visual management, standard work, and pull systems, to create a more streamlined
and efficient process. The goal of Lean Sigma is to create a culture of continuous improvement
that maximizes value for customers and minimizes waste.

Q32. MBO stands for…..

MBO stands for Management by Objectives. It is a management approach in which specific,
measurable, and achievable goals are established for individuals and teams within an
organization. The focus is on setting and achieving objectives that align with the overall goals
and strategies of the organization. The approach involves regular communication and feedback
between managers and employees to ensure progress towards objectives and to adjust objectives
as necessary. The goal of MBO is to improve individual and organizational performance by
setting clear expectations, increasing motivation and accountability, and fostering a sense of
ownership and involvement in the achievement of organizational goals.
Q33. TQM stands for……
TQM stands for Total Quality Management. It is a management approach that seeks to optimize
the quality of an organization's products and services by involving all employees in a continuous
process of improvement. TQM emphasizes customer satisfaction and places the customer at the
center of all decision-making. The approach uses data and statistical analysis to identify areas for
improvement and to track progress towards the goal of continuous quality improvement. TQM
includes a focus on leadership, teamwork, employee involvement, continuous improvement, and
customer satisfaction. The goal of TQM is to create a culture of quality in an organization that
leads to improved customer satisfaction, increased efficiency, and higher levels of productivity
and profitability.
Q34. Blue Ocean Strategy implies for…..
Blue Ocean Strategy is a business theory that proposes creating new market space, rather than
competing in existing markets. It is based on the idea that companies can achieve greater success
by creating uncontested market spaces, or "blue oceans," rather than competing in highly
crowded and competitive "red oceans." The approach emphasizes differentiation, low cost, and
value innovation. The goal of Blue Ocean Strategy is to help companies to break away from the
cut-throat competition of established industries, and create new market spaces with untapped
demand and higher profitability. The focus is on creating and capturing new demand, rather than
fighting over existing demand. Blue Ocean Strategy provides a framework for businesses to
create and capture new demand, through focusing on value innovation that aligns with the
changing needs of customers and the market.
Q35. Red Ocean Strategy implies for…..
Red Ocean Strategy refers to the existing market space, where companies compete head-to-head
for a share of the same customers and market. In this context, the market is seen as a "red ocean"
because of the intense competition, saturation, and the limited opportunities for growth. Red
Ocean Strategy focuses on beating the competition, either by lowering costs, improving product
features, or by creating new customer segments. The approach emphasizes differentiation and
adaptation to the existing market conditions. The goal of Red Ocean Strategy is to maintain or
grow market share, by outperforming the competition, through cost-cutting, product innovation,
or marketing. This approach is commonly used by companies in mature and highly competitive
industries, where there is a limited room for growth and differentiation. The focus is on
competing for a limited pool of customers, rather than creating new demand.

Q36. Triple Bottom Line implies for……

The Triple Bottom Line (TBL) is a concept that focuses on the three interconnected dimensions
of sustainability: economic, social, and environmental. It is a framework for measuring the
performance and impact of a company or organization in a more comprehensive manner, beyond
just financial performance. The idea behind the Triple Bottom Line is that sustainable success
can only be achieved by considering the interrelated economic, social, and environmental factors
that impact a business. The economic dimension of the TBL considers the financial performance
and profitability of a company, the social dimension considers the impact on people and
communities, and the environmental dimension considers the impact on the planet and the use of
natural resources. The goal of the Triple Bottom Line is to create a more holistic and integrated
approach to business, where financial success is achieved in a way that also creates social and
environmental value.

Question for 5 Marks

Q1. How Business Strategy is different than Corporate strategy
Business strategy and corporate strategy are related, but distinct concepts.

Business strategy refers to the plan of action a business takes to compete in a particular market or
industry. It defines the company's target market, competitive position, and the actions it will take
to achieve its goals. Business strategy is focused on how a single business unit will achieve its
goals and compete effectively in its market.

Corporate strategy, on the other hand, is a broader approach that considers the entire
organization, including multiple business units and subsidiaries. It defines the overall direction of
the company and how its various business units will work together to achieve common goals.
Corporate strategy considers issues such as diversification, acquisition, and divestment, as well
as how to allocate resources among the different business units. The goal of corporate strategy is
to create synergies among the different business units and to maximize value for the company as
a whole.

In summary, business strategy focuses on how a single business unit will compete, while
corporate strategy considers the entire organization and how the different business units will
work together.

Q2. Elaborate Stages of strategic Management

trategic management is a continuous process of decision-making and action that helps
organizations achieve their goals. The stages of strategic management typically include the
following:

Environmental analysis: This stage involves a comprehensive review of internal and external
factors that impact the organization, such as the competitive environment, economic trends, and
technological advancements.

Strategy formulation: In this stage, managers use the information gathered during the
environmental analysis to formulate a strategy for achieving the organization's goals. This may
involve setting specific goals, identifying opportunities for growth, and determining the best
course of action.

Strategy implementation: This stage involves putting the strategy into action, including
allocating resources, developing plans and programs, and communicating the strategy to
stakeholders.

Evaluation and control: In this stage, managers regularly evaluate the performance of the strategy
and take corrective action as needed. This may involve monitoring progress, collecting feedback,
and making changes to the strategy as needed.

Strategy revision: Based on the results of the evaluation and control stage, managers may revise
the strategy to improve performance or adapt to changes in the internal or external environment.

These stages are cyclical in nature, as organizations continuously assess and adjust their
strategies to stay competitive and achieve their goals. The key to successful strategic
management is a commitment to continuous improvement, learning, and adaptation.
Q3. Difference Between Vision & Mission.

Compariosn Mission Vision

Meaning A statement taht describes A short statement that

the company’s objectives depicts the company's
and its approach to reach aspiration for the future
those objectives.
position of the company.

What it is? Cause Effect Effect

Talks about Present Future

Shows Where we are at present? Where we want to be?

Term Short Term Long Term

Purpose To Inform To Inspire

Vision and mission are two important components of an organization's strategy, but they have
different implications and purposes.

A vision statement is a statement of the company's aspirations and long-term goals. It provides a
picture of what the company wants to become in the future, and serves as a source of inspiration
and motivation for employees, customers, and other stakeholders. A vision statement is typically
focused on the future and is intended to be a source of inspiration, not a blueprint for action.

A mission statement, on the other hand, is a statement of an organization's purpose and reason
for being. It outlines the organization's core values, the products and services it offers, and the
customers it serves. A mission statement serves as a guide for decision-making and helps align
the efforts of all stakeholders. It is typically focused on the present and is intended to be a
practical guide for action.

In summary, the vision statement provides a picture of the future, while the mission statement
provides a roadmap for the present. Both vision and mission statements are important
components of a company's strategy, and both contribute to the company's success.
Q4. Explain features of goals And Objectives
Goals and objectives are important components of an organization's strategy and help guide
decision-making and action.

Features of goals:
Specific: Goals should be specific and well-defined, so that it is clear what the organization is
trying to achieve.

Measurable: Goals should be quantifiable and include clear, measurable outcomes so that
progress can be tracked and evaluated.

Achievable: Goals should be realistic and achievable, given the organization's resources and
constraints.

Relevant: Goals should be relevant to the organization's mission and strategy, and should align
with its values and priorities.

Time-bound: Goals should include a clear deadline or timeline, so that it is clear when they
should be achieved.

Features of objectives:
Specific: Objectives should be specific and well-defined, so that it is clear what the organization
is trying to achieve.

Measurable: Objectives should be quantifiable and include clear, measurable outcomes so that
progress can be tracked and evaluated.

Achievable: Objectives should be realistic and achievable, given the organization's resources and
constraints.

Relevant: Objectives should be relevant to the organization's goals and strategy, and should align
with its values and priorities.

Time-bound: Objectives should include a clear deadline or timeline, so that it is clear when they
should be achieved.

Action-oriented: Objectives should include specific actions or steps that need to be taken to
achieve the desired outcome.
In summary, goals and objectives are important components of an organization's strategy and
help guide decision-making and action. To be effective, both goals and objectives should be
specific, measurable, achievable, relevant, and time-bound.

Q5. Explain characteristics of CSF

CSF stands for Critical Success Factors, which are the key elements that are essential for an
organization to achieve its goals and objectives. The characteristics of CSFs are:

Relevance: CSFs are directly related to the organization's goals and objectives, and help to
ensure that the organization is focusing its efforts on the most important areas.

Measurable: CSFs should be quantifiable and include clear, measurable outcomes so that
progress can be tracked and evaluated.

Actionable: CSFs should include specific actions or steps that need to be taken to achieve the
desired outcome.

Time-bound: CSFs should include a clear deadline or timeline, so that it is clear when they
should be achieved.

Critical: CSFs are the most important factors that contribute to the success of the organization.

Aligned with strategy: CSFs should align with the organization's goals and objectives and
support its overall strategy.

Dynamic: CSFs may change over time as the organization's goals and objectives evolve, so it is
important to periodically review and update them.

In summary, CSFs are the key elements that are essential for an organization to achieve its goals
and objectives. To be effective, CSFs should be relevant, measurable, actionable, time-bound,
critical, aligned with strategy, and dynamic.

Q6. Importance of KRA’s

KRA stands for Key Result Area, which is a specific area of performance that an individual,
team, or organization is responsible for delivering. KRAs are an important tool for measuring
and tracking performance, and play a critical role in aligning individual, team, and organizational
goals with the overall strategy of the organization.
The importance of KRAs includes:

Performance measurement: KRAs provide a clear and specific measure of an individual's, team's,
or organization's performance, making it easier to track and evaluate progress.

Alignment with strategy: KRAs align individual, team, and organizational goals with the overall
strategy of the organization, helping to ensure that everyone is working towards the same goals.

Focus on key areas: KRAs help to focus attention and effort on the most important areas, so that
the organization can achieve its goals more efficiently and effectively.

Improved accountability: KRAs make it clear who is responsible for delivering specific
outcomes, which can improve accountability and help to ensure that everyone is working
towards the same goals.

Better decision-making: KRAs provide a clear and objective basis for decision-making, which
can improve the quality of decisions and help to ensure that resources are used effectively.

In summary, KRAs play a critical role in aligning individual, team, and organizational goals with
the overall strategy of the organization, and help to focus attention and effort on the most
important areas. By improving performance measurement, accountability, and decision-making,
KRAs can help organizations to achieve their goals more efficiently and effectively.

Q7. Explain turnaround strategy with examples

A turnaround strategy is a plan of action designed to turn a struggling or underperforming
company into a profitable and successful organization. It involves a comprehensive examination
of all aspects of the business and a strategic plan to address areas of weakness and improve
performance.

Here are a few examples of the types of actions that can be taken as part of a turnaround strategy:

Cost cutting: This involves identifying and eliminating unnecessary costs and streamlining
operations to reduce expenses.

Refocusing the business: This may involve discontinuing unprofitable lines of business,
consolidating operations, and re-evaluating the company's target market and product offerings.

Improving efficiency: This may involve automating processes, reducing waste, and improving
supply chain management to increase efficiency and reduce costs.
Restructuring debt: This may involve renegotiating debt obligations, refinancing loans, or
seeking new investment to reduce the financial burden on the company.

Improving leadership and management: This may involve replacing ineffective leaders,
implementing new management processes, and improving communication and collaboration
across the organization.

Investing in growth: Once the company is on solid footing, investing in growth initiatives such as
research and development, marketing, and expanding into new markets can help to ensure its
long-term success.

Each turnaround strategy will be unique to the organization and its specific challenges, but the
overall goal is to address the root causes of underperformance and implement sustainable
improvements to ensure future success.

Q8. Explain Market penetration

Market penetration is a business strategy that aims to increase the market share of a company's
existing products or services in an existing market. This is typically achieved by increasing the
sales and distribution of existing products, increasing marketing efforts, or lowering prices to
attract more customers. The objective of market penetration is to increase the company's revenue
and profitability by expanding its customer base and increasing its market share within a specific
market.

Market penetration can be a relatively low-risk strategy for companies as it leverages their
existing product offerings, customer base, and market knowledge. However, it can also be
challenging if the market is saturated or if competitors are already established with strong market
positions. In these cases, companies may need to differentiate their offerings, invest in
marketing, or offer lower prices to gain market share.

In summary, market penetration is a strategy aimed at increasing the market share of a company's
existing products or services in an existing market. The objective is to increase revenue and
profitability by expanding the customer base and increasing market share.
Q9. Explain Strategic Alliance with Examples
A strategic alliance is a partnership between two or more organizations with the goal of
achieving common strategic objectives. Strategic alliances can take many forms, including joint
ventures, partnerships, and collaboration agreements. The objective of a strategic alliance is to
create a mutually beneficial relationship that allows the participating organizations to achieve
their goals more effectively and efficiently than they could alone.

Examples of strategic alliances include:

Joint ventures: A joint venture is a type of strategic alliance in which two or more organizations
come together to create a new, separate entity for the purpose of achieving specific goals. An
example of a joint venture is the partnership between Airbus and Boeing to produce the 787
Dreamliner.

Partnerships: Partnerships are another type of strategic alliance in which two or more
organizations work together to achieve common goals. An example of a partnership is the
alliance between Microsoft and Amazon to integrate their respective voice assistants, Alexa and
Cortana.

Collaboration agreements: Collaboration agreements are agreements between two or more

organizations to collaborate on a specific project or initiative. An example of a collaboration
agreement is the partnership between Toyota and Tesla to develop and produce electric vehicles.

In summary, a strategic alliance is a partnership between two or more organizations with the goal
of achieving common strategic objectives. Strategic alliances can take many forms, including
joint ventures, partnerships, and collaboration agreements, and are designed to create a mutually
beneficial relationship that allows participating organizations to achieve their goals more
effectively and efficiently.
Q10. Difference Between Lean & Six SIgma

BASIS FOR
LEAN SIX SIGMA
COMPARISON

Meaning A methodical way of Six Sigma is a process of

elimination of waste, in maintaining the desired quality in
the production system the products and processes by
is known as Lean. taking necessary steps in this
regard.

Propounded in 1990's 1980's

Theme Waste removal Removal of variability in

processes

Focus Flow Problem

Tools Based on visuals Based on mathematics and

statistics

Consequence Uniformity in process Flow time will get reduced

output

Aim To improve production To satisfy the client's

by increasing requirements.
 efficiency in the
process.

Q11. Elaborate Balance Scorecard

The Balanced Scorecard is a performance management framework that was developed by Robert
Kaplan and David Norton in the early 1990s. It provides a comprehensive and integrated view of
an organization's performance by looking at four different perspectives: financial, customer,
internal processes, and learning and growth.

The four perspectives of the Balanced Scorecard are:

Financial Perspective: This perspective focuses on the financial outcomes of an organization's

strategies and initiatives. It measures the financial impact of the organization's activities and
provides a basis for making decisions about future investments.

Customer Perspective: This perspective focuses on the customer outcomes of an organization's

strategies and initiatives. It measures the satisfaction and loyalty of customers and helps to
ensure that the organization is meeting the needs of its customers.

Internal Process Perspective: This perspective focuses on the internal processes that support the
delivery of customer and financial outcomes. It measures the efficiency and effectiveness of the
organization's operations and helps to identify areas for improvement.

Learning and Growth Perspective: This perspective focuses on the organization's ability to learn,
grow, and adapt to changes in the environment. It measures the effectiveness of the
organization's training programs, employee satisfaction, and technology investments.

The Balanced Scorecard is a flexible and adaptable framework that can be customized to meet
the specific needs of an organization. It provides a comprehensive view of an organization's
performance and helps to align and balance the focus on short-term financial results with the
longer-term goals of the organization. The Balanced Scorecard helps organizations to measure
their performance and make informed decisions about their future strategies and initiatives.
Q12. Difference between Blue Ocean & Red Ocean Strategy

10 Marks

Q1. How comapany will use corporate, business and functional level strategy for running
the company?
Ans. A company will use a combination of corporate, business and functional level strategies to
run the company effectively.
Corporate level strategy:
This is the highest level strategy that defines the company's overall mission and objectives. A
company can use this strategy to diversify its product lines, expand into new markets or merge
with other companies to achieve its goals.
Business level strategy:
This strategy is designed to help a company compete in a particular industry. A company can use
this strategy to differentiate its products or services, target a specific market segment or create a
competitive advantage over its rivals.
Functional level strategy:
This strategy focuses on improving specific functional areas of the company such as operations,
marketing, finance, or human resources. A company can use this strategy to improve efficiency,
reduce costs or enhance the quality of its products and services.
By using these strategies in conjunction, a company can achieve its overall mission and goals,
while also addressing specific challenges and opportunities at each level. This approach helps
ensure that the company operates in a cohesive and effective manner, maximizing its potential
for growth and success.

Here is an example of how a company might use corporate, business, and functional level
strategies to run the company.
A company called ABC Inc. operates in the retail industry and sells clothing and accessories.
Corporate Level Strategy:
ABC Inc.’s corporate level strategy is to expand into new markets globally. To achieve this, the
company will focus on acquiring new companies in target markets and leveraging their existing
retail infrastructure to enter the market quickly and efficiently.
Business Level Strategy:
For its clothing line, ABC Inc. will focus on delivering high-quality products at a lower price
point. The company will differentiate itself from competitors by offering a wider range of sizes
and styles to cater to a broader customer base.

Functional Level Strategy:

At the functional level, ABC Inc. will focus on improving its supply chain efficiency. This
includes implementing new technology to streamline the process, reducing lead times, and
improving delivery times to customers.
In conclusion, by utilizing these three levels of strategies, ABC Inc. will be able to achieve its
goals of expanding into new markets, delivering high-quality products at a lower price point, and
improving its supply chain efficiency.

Q2. Justify three stages of strategic management with suitable examples.

The three stages of strategic management are:

Strategy Formulation: This is the first stage of the strategic management process where the
organization defines its goals, objectives, and strategies. During this stage, the organization
assesses its internal and external environment, identifies its strengths, weaknesses, opportunities,
and threats, and sets its strategic direction. For example, a company in the consumer goods
industry might conduct a market analysis to determine that there is a growing demand for
eco-friendly products. As a result, the company might set a goal to become a leader in the
eco-friendly market and develop a strategy to achieve this goal by investing in research and
development of environmentally friendly products.
Strategy Implementation: This is the second stage of the strategic management process where the
organization puts its strategies into action. During this stage, the organization develops action
plans, assigns responsibilities, and allocates resources to ensure that its strategies are successfully
implemented. For example, the company in the consumer goods industry might allocate funds
for marketing and advertising campaigns to promote its eco-friendly products and train its sales
team to effectively communicate the benefits of these products to customers.

Strategy Evaluation and Control: This is the final stage of the strategic management process
where the organization assesses the effectiveness of its strategies and makes any necessary
adjustments. During this stage, the organization monitors its performance and compares it to its
goals and objectives. For example, the company in the consumer goods industry might track its
sales and market share in the eco-friendly market and conduct customer surveys to gather
feedback on its products. Based on this information, the company might make changes to its
marketing strategy or adjust its product offerings to better meet customer needs.

In conclusion, the three stages of strategic management are essential for the effective planning,
implementation, and control of an organization's strategies. By following these stages,
organizations can ensure that their strategies are aligned with their goals and objectives and are
successfully executed to achieve desired outcomes.
Q3. What is the difference between Strategic Management Vs. Operational Management

Q4. ABCD company wants frame good vision for the company what factors company will
consider to frame it
To frame a good vision for the company, ABCD will consider several key factors, including:

Mission and Values: The company's vision should align with its mission and values and reflect
the organization's purpose and goals. The company will consider its core values, customer needs,
and business objectives when developing its vision.

Market and Industry Trends: The company will consider market trends and the industry
landscape to understand the challenges and opportunities that it may face in the future. This
information will help the company to determine how it can differentiate itself from its
competitors and create a unique position in the market.

Customer Needs: The company will consider the needs of its customers and how it can meet
those needs better than its competitors. This will help the company to understand the impact that
its vision will have on its customers and the value that it will bring to the market.
Internal Capabilities: The company will consider its internal capabilities, including its strengths,
weaknesses, and areas for improvement, to determine how it can leverage these capabilities to
achieve its vision.

Financial Considerations: The company will consider the financial resources and investments
required to achieve its vision and determine if these resources are available. The company will
also consider the potential financial impact of its vision on its stakeholders, including
shareholders, employees, and customers.

Timing: The company will consider the timeline for achieving its vision and determine if it is
realistic and achievable within the desired timeframe.

In conclusion, the company will consider a combination of internal and external factors when
framing its vision. By considering these factors, the company can develop a vision that is aligned
with its mission and values, responsive to market trends and

Q5. ABCD company wants frame good mission what factors company will consider
framing it
To frame a good mission for the company, ABCD will consider several key factors, including:

Purpose and Values: The company's mission should reflect its purpose and values and provide a
clear understanding of what the organization stands for. The company will consider its core
values, customer needs, and business objectives when developing its mission.

Market and Industry Trends: The company will consider market trends and the industry
landscape to understand the challenges and opportunities that it may face in the future. This
information will help the company to determine how it can differentiate itself from its
competitors and create a unique position in the market.

Customer Needs: The company will consider the needs of its customers and how it can meet
those needs better than its competitors. This will help the company to understand the impact that
its mission will have on its customers and the value that it will bring to the market.

Internal Capabilities: The company will consider its internal capabilities, including its strengths,
weaknesses, and areas for improvement, to determine how it can leverage these capabilities to
achieve its mission.
Competitive Advantage: The company will consider what sets it apart from its competitors and
what competitive advantage it has in the market. This will help the company to determine how it
can create value for its customers and differentiate itself from its competitors.

Social Responsibility: The company will consider its social responsibility and the impact that its
mission will have on the community and the environment. The company will strive to create a
mission that not only benefits its stakeholders but also contributes to the greater good.

In conclusion, the company will consider a combination of internal and external factors when
framing its mission. By considering these factors, the company can develop a mission that is
aligned with its purpose and values, responsive to market trends and customer needs, and
achievable with its available resources and capabilities.

Q6. Design Critical Success Factors for Automobile industry and Telecom Industry
Critical Success Factors (CSFs) are the key elements that must be in place for an organization to
achieve its goals and objectives. The following are examples of CSFs for the Automobile and
Telecom industries:

Automobile Industry:

Product Quality: Ensuring high-quality vehicles that meet customer expectations and regulatory
requirements.
Cost Efficiency: Implementing cost-effective processes and supply chain management to reduce
costs and increase profitability.
Innovation: Continuously developing new and innovative products to meet changing customer
needs and stay ahead of competition.
Brand Reputation: Building and maintaining a strong brand reputation through effective
marketing and customer engagement strategies.
Supply Chain Management: Ensuring a reliable and efficient supply chain that can meet
production demands and reduce costs.
Telecom Industry:

Network Reliability: Ensuring a reliable and efficient network that can provide high-quality
service to customers.
Customer Service: Providing high-quality customer service that meets customer needs and
resolves issues efficiently.
Technological Innovation: Continuously investing in and developing new technologies to stay
ahead of the competition and meet changing customer needs.
Cost Efficiency: Implementing cost-effective processes and systems to reduce costs and increase
profitability.
Market Share: Growing market share through effective marketing and customer acquisition
strategies.
Note that these CSFs are examples and may vary based on the specific organization, market, and
industry. The most important thing is to identify the key factors that are critical to success for
your specific organization and focus on those.

Q7. Design KRAS for the HR Department in Automobile industry

Key Result Areas (KRAs) are specific, measurable, and time-bound outcomes that an
organization wants to achieve in a particular department or role. The following are examples of
KRAs for the HR department in the Automobile industry:

Employee Retention: Increase employee retention rate by X% over the next 12 months by
implementing employee engagement and retention programs.
Talent Acquisition: Hire X number of high-quality employees within the next 6 months through
effective recruiting and selection processes.
Employee Development: Develop X number of employees through training and development
programs to increase their skills and improve performance.
Employee Satisfaction: Improve employee satisfaction score by X% within the next 12 months
through regular employee feedback and engagement programs.
Compliance: Ensure compliance with all relevant labor laws and regulations and maintain a
100% compliance record.
Diversity and Inclusion: Increase diversity and inclusiveness within the organization by X%
within the next 24 months through diversity and inclusion initiatives and programs.
Note that these KRAs are examples and may vary based on the specific organization, market, and
industry. The most important thing is to identify the key outcomes that are important for your
specific organization and focus on those.

Q8. Porter's Five Forces model is very relevant in FMCG Industry Justify your answer
Yes, Porter's Five Forces model is highly relevant in the Fast Moving Consumer Goods (FMCG)
industry. The model is a framework for analyzing the competitive environment of an industry
and can be used to evaluate the level of competition and the potential for profitability. The five
forces in the model are:

Threat of New Entrants: The FMCG industry is characterized by low barriers to entry, making it
easy for new companies to enter the market. This puts pressure on existing companies to
maintain their competitive edge.

Threat of Substitute Products: There are a wide variety of substitute products available in the
FMCG industry, such as generic or private label products, which can limit the pricing power of
FMCG companies.

Bargaining Power of Suppliers: The bargaining power of suppliers in the FMCG industry is
generally low, as suppliers are plentiful and there are few unique products or services.

Bargaining Power of Buyers: The bargaining power of buyers in the FMCG industry is high, as
buyers are numerous and they have the ability to negotiate prices and demand specific features
and quality.

Rivalry Among Competitors: The FMCG industry is highly competitive, with many
well-established companies competing for market share. Companies are constantly trying to
differentiate themselves through product innovation, marketing, and branding.

These five forces help to explain the level of competition in the FMCG industry and highlight the
importance of factors such as product innovation, brand reputation, and cost efficiency for
companies operating in this space. The Porter's Five Forces model is a useful tool for FMCG
companies to understand their competitive environment and make informed strategic decisions.

Q9. VRIO Framework is important in every business justify your answer

The VRIO Framework is a tool used to analyze a firm's internal resources and capabilities to
determine their value, rarity, inimitability, and organization (VRIO) and assess the firm's overall
competitiveness. This framework is important in every business for several reasons:

● Strategic decision-making: VRIO helps businesses make informed decisions about how
to allocate resources and prioritize initiatives. It provides a comprehensive assessment of
the firm's internal resources and capabilities, enabling businesses to determine which
ones to leverage, develop, or acquire to achieve their goals.
● Competitive advantage: VRIO helps businesses identify their sources of sustained
competitive advantage. If a resource or capability is valuable, rare, inimitable, and
well-organized, it can provide a sustained competitive advantage, giving the business a
significant edge over its competitors.
 ● Resource allocation: By using VRIO, businesses can determine which internal resources
and capabilities to invest in and which ones to divest. This enables businesses to make
better use of their resources, allocate them effectively, and achieve their goals.
● Organizational improvement: VRIO can help businesses identify areas for improvement
in their internal resources and capabilities. By regularly conducting VRIO analysis,
businesses can identify areas where they need to develop their resources and capabilities
and make strategic investments to improve their overall competitiveness.
In conclusion, the VRIO Framework is an important tool in every business as it helps companies
make informed decisions, identify their sources of sustained competitive advantage, allocate
resources effectively, and improve their overall competitiveness.

Q10. Portfolio Analysis on regular basis is important justify your answer

Portfolio analysis on a regular basis is important because it helps a company to assess and
manage its product offerings, businesses, or investments in a systematic and comprehensive
manner. By performing portfolio analysis regularly, a company can:
● Evaluate its product or business portfolio: Portfolio analysis provides a company with a
clear understanding of the strengths and weaknesses of its product offerings, businesses
or investments. This allows the company to make informed decisions about which
products or businesses to prioritize for growth and investment and which ones to divest.
● Allocate resources effectively: Portfolio analysis helps a company to allocate resources
effectively by identifying which products or businesses are likely to generate the most
returns and by determining how much investment to make in each one. This allows the
company to make the most of its resources and improve overall performance.
● Stay ahead of the competition: By performing portfolio analysis regularly, a company can
monitor the changing market conditions and adjust its product or business portfolio
accordingly. This helps the company stay ahead of the competition and maintain its
competitive advantage.
● Identify new opportunities: Portfolio analysis can help a company identify new
opportunities for growth and investment. By regularly assessing its product or business
portfolio, a company can identify areas where it can expand its offerings, enter new
markets, or make strategic acquisitions.
In conclusion, performing portfolio analysis on a regular basis is important for a company to
maintain its competitive edge, allocate resources effectively, and achieve its strategic goals.

Q11. Elaborate BCG Model with respect Automobile Industry in relation to any
automobile company
The BCG Model is a strategic management tool used to evaluate a company's product portfolio
and determine which products to prioritize for growth and investment. In the context of the
automobile industry, the BCG Model can be used to assess an automobile company's various
product offerings, such as different car models, and determine which ones to prioritize for
growth and investment.
The BCG Model consists of a matrix that plots a company's products along two dimensions:
market growth rate and market share. Each product is placed in one of four cells in the matrix
based on its market growth rate and market share position. The four cells are as follows:
● Stars: High market growth rate and high market share. These products are the company's
main sources of growth and profitability.
● Cash Cows: Low market growth rate and high market share. These products generate a
large amount of cash but are not expected to grow much in the future.
● Question Marks: High market growth rate and low market share. These products require a
large amount of investment to grow and become successful, but have the potential to
become stars if successful.
● Dogs: Low market growth rate and low market share. These products are not expected to
grow or generate significant profits and may require divestment.

By using the BCG Model, an automobile company can assess its various product offerings and
determine which ones to prioritize for growth and investment. This helps the company allocate
resources effectively and improve overall performance.
For example, let's consider a hypothetical automobile company, ABC Motors. Using the BCG
Model, ABC Motors can assess its product portfolio and determine which products to prioritize
for growth and investment. For example, if one of ABC Motors' car models is a star, with high
market growth rate and high market share, the company would prioritize investment and
resources in that model to maintain its position and continue growing. On the other hand, if one
of ABC Motors' car models is a dog, with low market growth rate and low market share, the
company would consider divesting from that model.

Q12. Apply GE 9 Cell Model in relation to Electric Company

The GE 9-Cell Model is a strategic management tool used to evaluate a company's business
portfolio, or the collection of businesses and products that a company operates. In the context of
an electric company, the GE 9-Cell Model can be used to assess the company's various product
offerings and business units, and determine which ones to prioritize for growth and investment.
The GE 9-Cell Model consists of a matrix that plots a company's business units along two
dimensions: market growth and market share. Each business unit is placed in one of nine cells in
the matrix based on its market growth rate and market share position. The nine cells are as
follows:
● Stars: High market growth and high market share. These business units are considered the
company's main sources of growth and profitability.
● Cash Cows: Low market growth and high market share. These business units generate a
large amount of cash but are not expected to grow much in the future.
 ● Question Marks: High market growth and low market share. These business units require
a large amount of investment to grow and become successful, but have the potential to
become stars if successful.
● Dogs: Low market growth and low market share. These business units are not expected to
grow or generate significant profits and may require divestment.
● Market Challengers: High market growth, moderate market share, and strong competitive
position. These business units have the potential to become stars if they can increase their
market share.
● Market Followers: Low to moderate market growth, moderate market share, and weak
competitive position. These business units are trying to increase their market share in a
growing market.
● Market Nichers: Low market growth, high market share, and strong competitive position.
These business units are successful in serving a small but profitable market segment.
● Market Rejects: Low market growth, low market share, and weak competitive position.
These business units are struggling to compete and may require divestment.
● Market Prospectors: High market growth, low market share, and strong competitive
position. These business units have the potential to become stars if they can increase their
market share.
By using the GE 9-Cell Model, an electric company can assess its various product offerings and
business units and make informed decisions about which ones to prioritize for growth and
investment. This helps the company allocate resources effectively and improve overall
performance.

Q13. Apply Porter's Generic Strategy in relation to washing domestic appliances

Porter's Generic Strategies provide a framework for companies to achieve a sustainable
competitive advantage in their respective industries. In the context of washing domestic
appliances, a company might use the following strategies:

● Cost Leadership: This strategy involves offering low-priced washing appliances while
maintaining quality. A company using this strategy would focus on efficient production
processes, tight cost control, and economies of scale to offer washing appliances at a
lower price than competitors.
● Differentiation: This strategy involves offering washing appliances that are unique and
superior to competitors' offerings in terms of features, quality, or design. A company
using this strategy would focus on innovation and product development to create washing
appliances that are appealing to customers.
● Focus: This strategy involves focusing on a narrow market segment, such as
premium-priced washing appliances for high-end customers, and providing a specialized
product offering that meets the specific needs of that market. A company using this
 strategy would focus on understanding the needs of its target market and tailoring its
product offering accordingly.
By choosing one of these strategies, a washing appliance company can set itself apart from
competitors and achieve a competitive advantage in the market. The choice of strategy will
depend on factors such as the company's resources, the competitive landscape of the market, and
the target customers' preferences.

Q14. Elaborate Six sigma and Lean Six Sigma process

Six Sigma and Lean Six Sigma are methodologies used to improve quality and efficiency in
organizations.
Six Sigma:
Six Sigma is a data-driven approach to improving quality and reducing defects in processes. It
uses statistical methods to identify and eliminate the root causes of defects and improve
processes. Six Sigma is a continuous improvement approach that focuses on reducing variability
and improving process performance by using a structured methodology that includes the
following five steps: Define, Measure, Analyze, Improve, and Control (DMAIC).
Lean Six Sigma:
Lean Six Sigma is an integration of the Six Sigma methodology with the Lean approach, which
emphasizes the elimination of waste in all forms of an organization's operations. Lean Six Sigma
combines the focus on data-driven problem-solving of Six Sigma with the focus on streamlining
and improving processes of Lean. The goal of Lean Six Sigma is to achieve fast, efficient, and
high-quality outcomes by removing waste and reducing variability in processes.
In practice, Lean Six Sigma aims to improve quality, reduce costs, and increase customer
satisfaction by identifying and eliminating waste and reducing variability in processes. This is
achieved through a structured methodology that includes the following steps: Define, Measure,
Analyze, Improve, and Control (DMAIC), as well as Lean tools and techniques, such as Value
Stream Mapping, 5S, and Kaizen events.
Both Six Sigma and Lean Six Sigma are widely used in various industries and have proven to be
effective in improving quality and efficiency in organizations. However, Lean Six Sigma
provides a more comprehensive and integrated approach, combining the strengths of both Six
Sigma and Lean.

Q15. Elaborate MBO in relation to Insurance Sector

Management by Objectives (MBO) is a management strategy that involves setting specific,
measurable, and achievable goals for employees and departments, with the aim of aligning
individual objectives with the overall goals of the organization. In the insurance sector, MBO can
be used to improve organizational performance and achieve specific objectives.
In the insurance sector, the following could be the application of MBO:
● Sales and Revenue Goals: Setting specific and measurable sales targets for each
department or individual, and tracking progress towards these goals to ensure that the
company is meeting its revenue objectives.
● Customer Service Objectives: Setting objectives for customer satisfaction and service,
such as reducing wait times, increasing policy renewals, and improving the overall
customer experience.
● Claims Management: Setting goals for claims processing and management, such as
reducing the number of denied claims, improving the speed of claims resolution, and
increasing customer satisfaction with the claims process.
● Product Development: Establishing goals for developing new insurance products, such as
expanding into new markets, increasing product offerings, and improving the quality of
existing products.
● Risk Management: Setting goals for managing risk, such as implementing new risk
management practices, reducing the frequency of claims, and improving the overall
financial stability of the company.
By using MBO, insurance companies can align their goals with the overall mission of the
organization and ensure that all employees are working towards common objectives. This helps
to increase accountability, improve performance, and drive results in the insurance sector.

Q16. Apply Balance scorecard in relation to Hospitality Industry

The Balanced Scorecard is a strategic management tool that measures an organization's
performance by considering four perspectives: financial, customer, internal processes, and
learning and growth.
In the hospitality industry, the following could be the application of the balanced scorecard
Financial Perspective:
● Measuring financial performance, such as revenue growth, profitability, return on
investment, and cost management.
Customer Perspective:
● Tracking customer satisfaction and loyalty, such as feedback from guests, occupancy
rates, and repeat business.
● Measuring customer satisfaction with food and beverage offerings and services.
Internal Processes Perspective:
● Evaluating the efficiency and effectiveness of key internal processes, such as room
service, front desk operations, and housekeeping.
● Measuring the quality of food preparation and presentation.
Learning and Growth Perspective:
● Assessing employee satisfaction and motivation, including turnover rates, training
programs, and employee development opportunities.
● Measuring the success of marketing and brand recognition initiatives.
By using the balanced scorecard approach, hospitality organizations can gain a comprehensive
understanding of their performance and identify areas for improvement, leading to long-term
success.

Q17. Elaborate Online trade platforms with examples

Online trade platforms are websites or applications that facilitate the buying and selling of goods
or services over the internet. These platforms provide a convenient, efficient, and accessible
means of conducting business online. Some popular examples of online trade platforms include:

Amazon - A leading e-commerce platform that allows individuals and businesses to sell a wide
range of products to a global customer base.

eBay - A well-established online marketplace for buying and selling goods, from vintage
clothing to electronic devices.

Etsy - A platform specializing in handmade and vintage items, as well as unique

factory-manufactured items.

Alibaba - The largest online and mobile commerce company in the world, serving millions of
buyers and suppliers globally.

Rakuten - A Japanese e-commerce platform that offers a wide range of products, from fashion
and beauty to electronics and home goods.

Shopify - A popular e-commerce platform that allows businesses of all sizes to create and
manage their online stores.

Walmart - A leading retail giant that offers a comprehensive online shopping experience,
including groceries, household essentials, and more.

These are just a few examples of the many online trade platforms available today, each offering
its own unique features and benefits to both buyers and sellers.